Monday, September 20, 2010

Will BP (NYSE:BP) Oil Well Be Used Again?

Although BP (NYSE:BP) has stated its plans are to leave the unpopular oil well plugged and as it is, it's highly unlikely as time goes on that it will remain that was, as too much oil and gas would be available for sell.

This doesn't mean BP would tap into it themselves, even after years and other things are on the minds of people. But it wouldn't be surprising at all to see them sell the asset one day, and with the two relief wells already drilled, it would take just a few added steps to get the oil and gas flowing again.

Some believe the well and general area contain even more oil and gas, making it a waste to leave sitting there.

At one time BP had estimated there were 50 million barrels of oil in the well, with far below that being lost even at the higher government estimates.

Even though BP has said they won't access the well again, they did leave the possibility and probability they'll drill in the same block again; a nine-square-mile area.

If BP did decide to sell the block at some time, estimates are the value of the oil alone would be worth about $3.5 billion, and they could probably sell it for somewhere between $1 to $2 billion.

Either way, it would be surprising if this were to happen any time soon, but it would also be surprising if the block isn't drilled again some time in the distant future.

8 comments:

You make it sound like they will use the same well again! You are an idiot. There is a big difference b/w drilling in the same field and using the same well. They could very drill a new well in the field, so what?

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